Thousands of workers who found jobs in the booming housing market of the pandemic are now facing widespread layoffs with steeper cuts expected ahead.
in March in an effort to bring down decades-high inflation. As a result, home mortgage interest rates have doubled this year, pricing an increasing number of buyers out of the market.
In addition to the demand for houses, many homeowners looked to refinance their mortgages. Mortgage firms rapidly started hiring workers, some straight out of college or with little experience, said McCoy. “The housing market is in a sense holding back the economic growth or even pushing the overall economy slightly negative, and it has a ripple effect,” said Lawrence Yun, chief economist for the National Association of Realtors.
Lacy, who was laid off in July along with more than 300 other workers at Sprout Mortgage, said the recent boom and bust in her industry is reminiscent of the housing crash that began in 2007. Real estate brokers have also been affected, said Ken H. Johnson, a former real estate broker who is now an associate dean at Florida Atlantic University, where he studies the real estate industry.
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